The prices of newly-built houses in 70 major Chinese cities rose an average 6.6 percent in October over the same period of last year, up 0.3 percentage point from the previous month, said the National Bureau of Statistics (NBS) and the National Development and Reform Commission (NDRC) in a joint statement.

Prices of newly-built houses rose by 10.7 percent in Beijing, the capital, the highest of all cities. Beijing was followed by Xiamen at 10.5 percent, Shenzhen at 9.9 percent, Fuzhou at 9.6 percent, Shenyang at 9 percent and Guangzhou at 8.8 percent.

Shanghai, the country's largest economic hub, saw a 0.6 percent drop in its house prices last month. Second-hand house prices in these 70 cities rose 5.2 percent in October over the same period last year, 0.3 percentage point faster than September, according to figures from the NBS and NDRC.

The continued price increases are challenging the central government's efforts over the last three years to stabilize housing prices. The latest efforts taken by the government include ordering developers to build smaller houses that lower-income families can afford and imposing restrictions on property acquisition by foreign residents and organizations.

Source:佚名